Frequently Asked Questions
What are short-term loans?
Short-term loans, frequently referred to as payday loans, are a fast way to borrow funds to cover emergency expenses. If you find yourself in a financial bind before your next paycheck, a short-term loan may be beneficial for you. Essentially, they allow you to borrow a certain amount of money, typically between $100-$1,000, with the agreement that you will repay your loan the following payday. It is important to explore different options available to you and find the best one to address your unique financial situation.
Am I eligible for a short-term loan?
Each lender has its own specific criteria, but customers who meet the following criteria are eligible to apply for a short-term loan:
- You are a US citizen.
- You are at least 18 years old.
- You have worked at your current job for a minimum of 3 months.
- You have a checking account where you can receive your funds.
- You have a minimum pre-tax income of at $800 a month.
What are the advantages of taking out a short-term loan?
Short-term loans are a good way to get connected with the funds you need, quickly and without a lot of hassle. Fees associated with short-term loans are frequently lower than those associated with overdraft and credit card late fees. You should always research your alternatives before taking out a short-term loan.
How much money can I borrow?
Typically, the maximum amount of money that short-term lenders will let you borrow is $1,000. The amount of money that you can borrow is determined by a number of factors: the maximum amount allowed by your state; your monthly salary; and your ability to repay the loan. You should not borrow more money than you can reasonably pay back.
How long does it take to get approved?
A lender will review your application as soon as it is submitted, and you should receive a response in just a few moments.
Is there a fee to submit an application?
No! Our easy application is free to use. If you are matched with a lender and accept the terms of the loan, the lender will charge a fee for its service. Make sure to review the loan agreement when the lender presents it to you after you’ve submitted your application.
If I submit an application, am I obligated to take out a loan?
No. After you submit an application and your application is approved, you will be redirected to a lender’s website. There, you will be able to review the terms and conditions of the loan before you make a decision. If you change your mind about borrowing, you are free to withdraw your application.
Is collateral required?
Short-term lenders do not require any collateral to secure your loan.
My credit is poor or bad. Am I still able to obtain a short-term loan?
Yes! Qualified applicants may still be approved for a short-term loan even if they have been turned down for other forms of credit.
Do you keep my application secure?
CashAdvancer.com is committed to keeping our customers’ sensitive information secure and confidential. Our site uses 256-bit data encryption to protect your application.
When does my short-term loan expire?
Rules that govern the length of short-term loans vary from state to state. Most short-term loans are borrowed for between 8 and 25 days, dependent on the date of your next paycheck. The lender you are matched with will provide you with the specific terms of your loan, including expiration date.
What if I am late with a payment or am unable to repay my loan?
Repayment information varies by lender. We do not provide short-term loans ourselves, so we ask that you contact your lender directly to discuss your late payment options. This information should be in the terms of the loan that you will review before accepting it.
How do I repay my short-term loan?
You lender will present you with your payment options. Typically, the amount that you owe will be withdrawn from your bank account on the due date. This information will be provided by your lender in the loan’s terms.
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Why use CashAdvancer?
- Vehicle repairs
- Medical emergencies
- Household expenses
- Past-due bills